BUZZ-Air-taxi maker Lilium's shares fall after its two units decide to file for insolvency

Reuters

2024-10-25

BUZZ-Air-taxi maker Lilium's shares fall after its two units decide to file for insolvency

** U.S.-listed shares of German air-taxi developer Lilium LILM.O fall 58% to 22 cents

** Two of Lilium's subsidiaries, Lilium GmbH and Lilium eAircraft GmbH, have decided to file for insolvency

** This comes after unsuccessful talks with state and federal governments to solve its cash crisis, amid developing an aircraft that is yet to receive approval to carry passengers

** Filing for insolvency in Germany could result in the company's ordinary shares being delisted from the Nasdaq, or having its shares suspended - Lilium

** As of last close, stock had fallen ~81% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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